Stein Mart upgrades home, targets Northeast

Jacksonville, Fla. – Stein Mart reiterated its strategy to make 2006 its “best year ever” as it pursues its fastest new store opening schedule in several years and tweaks its newly implemented home division.

Jay Stein
Stein Mart

“We are looking forward to making this the best year we’ve ever had,” said Jay Stein, chairman of the board, during yesterday’s annual meeting here.

During the first quarter, the home department was transitioned with new trend-right merchandise and a shift in focus that stresses seasonal lifestyle coordinate stories through fashion bedding, individual upholstered furniture pieces and accessories, and de-emphasizes utility bedding and some tabletop aspects.

Michael Fisher, president and ceo, said the chain will open 16 new units this fiscal year. The first three of the batch opened in the spring – one in the uncharted Stein Mart territory of Queens, N.Y., and another in the existing Chicago market.

Michael Fisher
Stein Mart

Fisher explained that newer stores have been generating $5 million in sales in their first 12 months of operation – “much more” than the $4 million to $4.5 million newer units were previously generating.

Some of the markets Stein Mart is targeting with its new stores include the Northeast, “where we have a lot of interest in growing,” especially in the New York-New Jersey region where the company sees its greatest growth opportunity, Fisher said. Other targeted areas are Florida, Texas, California and the Carolinas.